In a pre-IPO (initial public offering) funding round, billionaire investor Radhakishan Damani, the creator of Avenue Supermarts (DMart), spent approximately INR 90 crore in eyewear retailer Lenskart Solutions, according to a report by ET. The investment is made in advance of Lenskart’s IPO, which is anticipated to go live for subscriptions next week. According to the Draft Red Herring Prospectus (DRHP), the eyeglasses retailer plans to raise INR 2,150 crore through the new issuing of equity shares. In addition, investors and promoters will sell 13.22 crore equity shares.
What is New OFS Deal?
The OFS would involve the sale of shares by investors SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund-II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP, as well as promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi.
The IPO proceeds will be used for a number of strategic initiatives, such as capital expenditures for the establishment of new company-operated, company-owned (CoCo) stores in India; payments for leases, rents, and licenses for these CoCo stores; investments in cloud infrastructure and technology; raising brand awareness through business promotion and marketing; possible unidentified inorganic acquisitions; and general corporate purposes, according to Lenskart.
About Lenskart
Through its online platform and vast retail network, Lenskart, one of India’s biggest omni-channel eyewear retailers, provides a large selection of reasonably priced and stylish prescription eyeglasses, sunglasses, and contact lenses. Lenskart, which was founded in 2008, began as an online marketplace for eyewear in 2010 and launched its first physical location in New Delhi in 2013. It has developed over time into one of the most well-known consumer brands in the eyewear sector in the nation. The business operates internationally in Southeast Asia and the Middle East and is present in metro, Tier-1, and Tier-2 locations.
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•Billionaire •Lenskart •Founded •Operates across India, Southeast |